Exhibit 12.1
CMS ENERGY CORPORATION
Ratios of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Dividends
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| In Millions, Except Ratios |
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| Six Months |
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| Ended |
| Year Ended December 31 | ||||||||||||||||
| June 30, 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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Earnings as defined1 |
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Pretax income from continuing operations |
| $ | 374 |
| $ | 622 |
| $ | 606 |
| $ | 590 |
| $ | 335 |
| $ | 440 |
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Exclude equity basis subsidiaries |
| (5 | ) | (7 | ) | (1 | ) | (2 | ) | 2 |
| (1 | ) | |||||||
Fixed charges as defined2 |
| 214 |
| 414 |
| 437 |
| 449 |
| 456 |
| 429 |
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Earnings as defined2 |
| $ | 583 |
| $ | 1,029 |
| $ | 1,042 |
| $ | 1,037 |
| $ | 793 |
| $ | 868 |
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Fixed charges as defined1 |
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Interest on long-term debt |
| $ | 193 |
| $ | 372 |
| $ | 396 |
| $ | 394 |
| $ | 383 |
| $ | 371 |
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Estimated interest portion of lease rental |
| 12 |
| 21 |
| 18 |
| 16 |
| 17 |
| 25 |
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Other interest charges |
| 10 |
| 23 |
| 25 |
| 42 |
| 58 |
| 35 |
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Fixed charges as defined2 |
| 215 |
| 416 |
| 439 |
| 452 |
| 458 |
| 431 |
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Preferred dividends |
| - |
| - |
| - |
| 13 |
| 17 |
| 17 |
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Combined fixed charges and preferred dividends |
| $ | 215 |
| $ | 416 |
| $ | 439 |
| $ | 465 |
| $ | 475 |
| $ | 448 |
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Ratio of earnings to fixed charges |
| 2.71 |
| 2.47 |
| 2.37 |
| 2.29 |
| 1.73 |
| 2.01 |
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Ratio of earnings to combined fixed charges and preferred dividends |
| 2.71 |
| 2.47 |
| 2.37 |
| 2.23 |
| 1.67 |
| 1.94 |
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NOTES:
1 Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K.
2 Preferred dividends of a consolidated subsidiary are included in fixed charges, but excluded from earnings as defined because the amount was not deducted in arriving at pretax income from continuing operations.